The Russian Central Bank as a Monetary Targeter? An Empirical Analysis

• Autorzy: Christian Merkl , Lucio Vinhas de Souza

Warianty tytułu

Czy bank centralny Rosji stosuje kryterium monetarne? Analiza empiryczna

• Języki publikacji: EN

Abstrakty

EN

The paper reviews the recent conduct of monetary policy and the central bank's rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia has used monetary aggregates as a main policy instrument in conducting monetary policy. (original abstract)

W artykule dokonaliśmy przeglądu zasad polityki monetarnej prowadzonej przez bank centralny Rosji. Stosując różne podejścia do tych zasad, testujemy czy bank centralny Rosji reaguje na zmiany inflacji, luki produkcyjnej oraz kursu walutowego w przewidywalny sposób. Nasze badania prowadzą do wniosku, że w latach 1993-2002 bank centralny Rosji przyjmował za kryterium agregat pieniężny jako główny instrument prowadzonej polityki monetarnej. (abstrakt oryginalny)

Słowa kluczowe

EN

Monetary policy; Monetary policy instruments; Exchange rates; Central banks; Inflation rate; Empirical analysis

PL

Polityka pieniężna; Instrumenty polityki pieniężnej; Kurs walutowy; Banki centralne; Wskaźnik inflacji; Analiza empiryczna

• Czasopismo: Acta Universitatis Lodziensis. Folia Oeconomica
• Rocznik: 2005
• Tom: 192 Issues in Modeling, Forecasting and Decision-making in Financial Markets
• Strony: 87--97

Twórcy

autor

Christian Merkl

• Kiel University, Germany

autor

Lucio Vinhas de Souza

• Kiel Institute for World Economics, Germany

Bibliografia

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